Thompson Co. has 75,000 shares of $4 par value stock outstanding (total legal capital of $300,000). If Thompson splits the stock 2-for-1, what will be the par value of each share after the split?

A)$2	B)$4
C)$8	D)$16

Edson Co. purchased 100 shares of treasury stock for $50 per share. The company later sold the shares for $55 per share. The entry to record the sale of the shares would include a

a. credit to Paid-in Capital from Treasury Stock for $500.

b. credit to Gain on Sale of Treasury Stock for $500.

c. credit to Treasury Stock for $5,500.

d. debit to Cash for $5,000.

James Co. is a brand new corporation that has not yet issued any stock. The corporation has approved the issuance of 2,500 shares of stock with a $2 par value to Tom Mills in exchange for land appraised at $45,000. Upon acquiring the land, James Co.'s land account should be debited for:

A)$40,000	B)45,000
C)35,000	D)5,000

Thompson Co. has 75,000 shares of $4 par value stock outstanding (total legal capital of $300,000). If Thompson splits the stock 2-for-1, what will be the total legal capital of all Thompson Co. shares after the split?

A)150,000	B)450,000
C)300,000	D)600,000